# PhoenixCo DeFi Hub: product docs in full

> How each PhoenixCo DeFi Hub product works, stated from the deployed contracts on BNB Smart Chain. Settings described as current are checked against the chain before every deploy. Live rates, balances and dates are on the product pages linked from each section.

Index: https://xphxco.org/llms.txt

## Lending markets

PhoenixCo runs twenty-four lending markets on BNB Smart Chain, including BTCB, ETH, BNB, USDC, USDT, built on Compound V2. Supplying an asset earns interest paid by its borrowers; enabling it as collateral lets you borrow other assets against it. Each market's rates move with how much of it is borrowed. How much you can borrow depends on the market and on your VIP level. If your debt grows past what your collateral supports, anyone can liquidate part of the position. Every rate, limit and balance is read live on the market pages.

Docs: https://xphxco.org/docs/lending
Live figures: https://xphxco.org/lending/markets

### Supplying and borrowing

- What happens when I supply an asset? The market takes the asset and gives you its receipt token, a pToken such as pUSDT, which you can redeem for the asset plus the interest it has earned. Only your wallet can redeem it. The interest comes from the market's borrowers.
- Does supplying make an asset collateral? Not by itself. You enable each supplied asset as collateral separately; until you do, it earns interest but supports no borrowing and cannot be seized. Borrowing an asset enters its market automatically.
- How much can I borrow? Each market allows you to borrow up to a loan-to-value against it as collateral: a percentage of the collateral's value. That percentage rises with your VIP level. Your borrowing limit is the sum across your collateral, and the protocol refuses a borrow, a withdrawal or a pToken transfer that would take you past it.
- Which assets are listed? twenty-four markets, each named with its contract on the markets page. Supplying XPHX, sXPHX, PHSUN, SZNX and IRTX is possible alongside the major assets. The site lists only markets the protocol has listed on chain.

### Interest

- How are interest rates set? By each market's interest-rate curve. The borrow rate rises with utilisation, the share of the market that is borrowed: gently at first, then steeply past one or two kinks, so that some of every market stays available to withdraw. The admin chooses each market's curve and can replace it. The market pages read the curve in use.
- What do suppliers earn? The borrow rate times utilisation, less the reserve factor: supply rate = borrow rate x utilisation x (1 - reserve factor). Interest is charged per block and compounds whenever the market accrues, which happens on every interaction.
- Where does the reserve factor go? Into the market's reserves, which stay in the market contract. Only the admin can withdraw them, and nothing routes them anywhere automatically.
- Are some rates paid in something other than dollars? Yes. Every market pays interest in its own asset. For TomanX (IRTX), XPHX and the other non-dollar assets, a rate is a return in that asset, and the markets table labels the unit on the row.

### Risk and liquidation

- What does the Risk figure mean? How close a position is to liquidation, on a scale where 100% is the liquidation line. Below 100% the position is safe from liquidation; above it, it can be liquidated. It rises when your debt grows or your collateral falls in price.
- Where does borrowing stop? At your borrowing limit, which is always below 100% Risk. At higher VIP levels the limit sits close to the line; with no level it sits well below it. The site's Safe borrow figure stops at 85% Risk.
- What sets the liquidation line? Each market has one liquidation threshold for everyone, set above the highest loan-to-value any level can borrow at. Higher VIP levels add a small grace beyond it before a position can be liquidated.
- Who can liquidate, and what does it cost? Anyone except the borrower. A liquidator repays part of the debt, no more than a set share of it and no more than it takes to bring the position back to a safer level, and receives collateral worth that amount plus a liquidation bonus. A small fixed share of the seized collateral goes to that market's reserves. What you lose is the bonus on the part liquidated; the rest of the position stays yours.

### Prices

- Where do prices come from? Most markets use Chainlink feeds, each checked for freshness and for sane bounds on every read. XPHX, PHSUN and SZNX use a time-weighted average of a PancakeSwap pool cross-checked against a second pool. Liquid staking assets such as slisBNB and SolvBTC use their exchange rate times the price of the asset they stand for. sXPHX uses its vault exchange rate times the XPHX price. TomanX uses the rate PhoenixCo publishes. Each market page names its source as read from the oracle.
- What happens when a price cannot be read? The oracle never reports a price of zero. An asset it cannot price counts as no collateral, debt in it blocks new borrowing and withdrawals, and liquidation against it is refused until the price returns. For XPHX, PHSUN and SZNX, disagreement between the priced pool and its witness pool halts new borrowing.
- Is sXPHX priced at its pool price? No. It is priced at its redemption rate times the price of XPHX, so a pool trading sXPHX below the vault does not move a borrower's liquidation point. If the vault rate ever fell by more than a set tolerance below its highest reading, new borrowing against sXPHX would halt.

### Caps, rewards and reflections

- Are there caps? Some markets have a borrow cap, and some groups of related assets share a ceiling on total borrowing in dollars. A market with a cap stops taking new borrowing at it. The market pages read each cap.
- What is a supply reward? A second token paid to a market's suppliers on top of the interest, by a separate campaign contract with a fixed budget and an end date. It pays by your pToken balance from the time your wallet is checkpointed, has no claim fee, and what you earn never expires.
- Does supplied XPHX still earn reflections? No. The XPHX market is excluded from XPHX reflections, so XPHX earns none while supplied. To keep earning them, hold XPHX in your wallet, lock it for a VIP level, or deposit it into the sXPHX vault. Supplying XPHX pays no transfer tax.

### Who controls what

- Who administers the lending contracts? One admin address, held by PhoenixCo. The transparency page reads it on each visit and says whether it is a single key or a contract such as a multisig or timelock.
- What can the admin change? It can list markets, set loan-to-values, VIP levels, liquidation terms, caps and reserve factors, choose and replace rate curves, withdraw reserves, pause and unpause, and replace the price oracle, the risk engine and the comptroller's implementation. A separate guardian can pause but cannot unpause.
- Can the admin take supplied assets? Not directly: no function sweeps a market's asset, and reserves are the only balance the admin can withdraw. Replacing the price oracle, the risk engine or the comptroller's implementation would change how every position is valued and could be used to reach them, which is why the transparency page names the key that can do it.

### Contracts (BNB Smart Chain)

- Comptroller (Unitroller): 0x93A4aFf14803c14615a588ed64067789990463f3
- Risk engine: 0x97996708C9fb003C97C1ff26eed93D14cc995905
- Price oracle: 0xC5e25AdAe08693c85Fd04e536b79cf2b64C3ec92
- pXPHX (XPHX market): 0x0a27cAA0C08Cd35B4622CF83f96cDbE613B7dD08
- pBTCB (BTCB market): 0x75E72915Ca1F44e6D7e0401C3fC64f004b1C932A
- pETH (ETH market): 0x5Aed836f4eBA9F73d8c2F85284c94b6F63282DE7
- pWBNB (WBNB market): 0x28b41A43238277cD6ABFFC8521D81bBCc02C8d72
- pslisBNB (slisBNB market): 0x60651a2a54761b5C1935cb9c529d66Faf2b260b3
- psXPHX (sXPHX market): 0xb8047AabfA0741c45ad241a288a9408aB88FbF94
- pUSDC (USDC market): 0xAd37451F67511F7418C0B55F4f5f63b51827A35a
- pUSDT (USDT market): 0x67058F36A87bF3055c198De3Ad9D7BB4D5BcCd0E
- pDAI (DAI market): 0x556197AB49D93282Be137F5f735cfF34Bd088E37
- pIRTX (IRTX market): 0x4C0F6CeCCC119064c956BBd0d1c404e6b17CB706
- pPHSUN (PHSUN market): 0x998C8a2c9823863c674E71e207d98Edf9c7897f0
- pSZNX (SZNX market): 0x02405448fa0daDD03Ee92E67a0432Df70496E3C6
- pBCH (BCH market): 0xca16FE86c9360c7390befbc6f7a21522D5b252dB
- pLTC (LTC market): 0xf2b18AB71B1C7D19B8F656297afD4cC364C41d18
- pCAKE (Cake market): 0x3f99b5F4F37cDbA3F26A04B696A752a3C6AF9B33
- pTRX (TRX market): 0xDd938AbB5F7dAA202A0117e26d3B53A192CAe7C6
- pXRP (XRP market): 0xe49420EDAb3Ec763EC15ba1DAAd23290E255b847
- pSOL (SOL market): 0x566ed7db436262344e13b8B5109ff44dc1FbE3f9
- pLINK (LINK market): 0x9AAf4bA38a2518C5e8ccfdcbbF955606757F5e7d
- pDOGE (DOGE market): 0x9c0d3A425f219f0b66Ede3edcB847Ac23141cB3D
- pADA (ADA market): 0x5c0AF52b219B9D05cf950315fBFa528b557fAbD9
- pNEAR (NEAR market): 0xE44575FBe1d02e79E412081D35d9852C1DA17c7F
- pUNI (UNI market): 0xF93f030f5BB645da3790c87547d7Fc8863Db4d97
- pSolvBTC (SolvBTC market): 0x638Ed3Ea78175A44f853b50F0b69797EBecE8115

## TomanX (IRTX)

TomanX (IRTX) is a BEP-20 token that PhoenixCo issues on BNB Smart Chain. One IRTX is intended to be worth one Iranian toman; that is PhoenixCo's policy as issuer, and no contract refers to the toman. PhoenixCo publishes the rate of IRTX in US dollars on chain, within limits the rate contract enforces, and the lending markets value IRTX at that rate. IRTX is not collateralised on chain and carries no on-chain right of redemption. It can be supplied and borrowed in the lending markets, where its interest is paid in IRTX, not in dollars.

Docs: https://xphxco.org/docs/tomanx
Live figures: https://xphxco.org/irtx

### The token

- What does "tracks the toman" mean? One IRTX is intended to be worth one Iranian toman. That is a policy PhoenixCo holds as the issuer and expresses through the rate it publishes. The contracts store a rate in US dollars per IRTX and never refer to the toman.
- Is IRTX backed or redeemable? Not on chain. No contract holds collateral for it, and no contract lets a holder exchange IRTX for toman, dollars or anything else at the published rate.
- Who can create IRTX? Only PhoenixCo, through a minter role on the token. Minting is limited on chain by a maximum supply and by a limit on how much can be minted in each time window, both set by the token admin. Anyone can burn their own IRTX.
- Does IRTX have a transfer fee or a blacklist? No. It is a plain token: no transfer fee, no rebasing, no blacklist and no transfer hooks.

### The published rate

- Who sets the rate? PhoenixCo, through a rate contract on chain that only its rate publisher or admin can update. The lending markets read IRTX's price from it.
- Can the rate be changed by any amount, at any time? No. Each update is limited to a maximum change in each direction, updates must be a minimum time apart, and the total change within a day is limited too. The admin sets those limits, under ceilings fixed in the contract.
- How is the rate kept current? Rate changes are made by hand. A PhoenixCo keeper re-confirms the current rate on a schedule so that it does not go stale, which does not change it.
- What happens if the rate is not updated? After a set time the rate contract marks it degraded: borrowing that relies on it halts, and IRTX used as collateral counts for less borrowing power, while the liquidation threshold is unchanged. After a longer time it stops serving a price. A guardian can also freeze the rate, and only the admin can unfreeze it.
- Is the lending price exactly the published rate? Nearly. The collateral price source adjusts the published rate slightly with how much of the IRTX market is borrowed, within small bounds fixed in its contract. The admin can narrow the adjustment or switch it off.

### The market price, and lending

- Does IRTX trade at the published rate? Not necessarily. IRTX trades on PancakeSwap, and nothing on chain ties that price to the published rate, because there is no public minting or redemption at the rate. The two can differ, and the TomanX page shows both and the gap between them. The lending markets use the published rate, not the pool price.
- Can IRTX be supplied and borrowed? Yes. IRTX is a lending market. You can supply it to earn interest, use it as collateral, and borrow it. How much it supports as collateral depends on your VIP level, as in every market.
- Are IRTX interest rates dollar returns? No. Interest in the IRTX market is paid in IRTX. If IRTX falls against the dollar, a high IRTX rate can still be a loss in dollars, so an IRTX rate cannot be compared directly with a dollar market's rate. The markets table labels the unit on the row.

### Contracts (BNB Smart Chain)

- IRTX token: 0xa49b2276Edd807E990bB3D32Fdc7247364F9A9C6
- pIRTX lending market: 0x4C0F6CeCCC119064c956BBd0d1c404e6b17CB706
- IRTX rate contract: 0x229CF05Eb95f24Bb0CB3Bb2863143B5097ff237d

## sXPHX

sXPHX is the receipt token of the sXPHX vault on BNB Smart Chain. You deposit XPHX and receive sXPHX; you redeem sXPHX and receive XPHX, in the same transaction, at any time. Your number of sXPHX never changes on its own. What changes is the exchange rate, the amount of XPHX one sXPHX redeems for, which rises as XPHX flows into the vault from the XPHX transfer fee, from reflections, from donations and from protocol revenue. Nothing is minted to pay it. The vault opened on 8 September 2026 at one XPHX per sXPHX. It is a separate product from hold to earn.

Docs: https://xphxco.org/docs/sxphx
Live figures: https://xphxco.org/staking/sxphx

### What sXPHX is

- Does sXPHX rebase? No. sXPHX is an exchange-rate token. The number of sXPHX in your wallet never changes by itself. Each sXPHX redeems for more XPHX over time, and the exchange rate is the only thing that moves.
- What is the exchange rate? The amount of XPHX that one sXPHX redeems for. The vault computes it on every read as the XPHX it holds, less the performance fee accrued so far, divided by the sXPHX in existence. It is the contract function exchangeRate(), and the sXPHX page reads it live.
- When did it open, and at what rate? On 8 September 2026, at par: one sXPHX for one XPHX. The first deposit sets that rate by construction, because it mints one sXPHX for each XPHX received.
- Does the vault stake, lend or trade the XPHX? No. It holds it. Nothing is delegated, lent out or swapped, and the vault has no strategy. Its XPHX balance grows only because XPHX is sent to it.
- Is sXPHX the same as hold to earn? No. They are different products in different contracts, and neither refers to the other. sXPHX takes a deposit of XPHX and pays through a rising exchange rate, with nothing to claim. Hold to earn takes no deposit at all: a campaign with its own fixed budget pays wallets that hold a PancakeSwap pair token, per second, and the reward is claimed.

### Depositing and redeeming

- Is there a lock, a queue or an unbonding delay? No. Redeeming burns your sXPHX and sends you XPHX in the same transaction. There is no queue, no unbonding period, no notice period and no withdrawal window. You can redeem any amount of the sXPHX you hold, at any time.
- Can anyone pause or block a redemption? The vault has no pause function and no function that can refuse, delay or reorder a redemption, and its admin has no power over deposits or redemptions. The one control outside the vault is on the XPHX token itself: its owner sets a maximum size for any single XPHX transfer, which applies to every transfer including a redemption. It is set above the whole supply of XPHX, so it limits nothing, and the site checks that before every deploy.
- Do deposits and redemptions pay the XPHX transfer tax? No. The vault is exempt from the XPHX transfer fee, so a deposit credits the full amount you send and a redemption pays the full amount the rate gives. The exemption is a setting on the XPHX token, not on the vault. The vault measures what actually arrives rather than assuming it, so if the exemption were ever removed the tax would show in that depositor's own receipt instead of diluting everyone else.
- How much sXPHX does a deposit receive? The amount deposited divided by the current exchange rate. Deposits and redemptions both happen at the rate, so neither one changes it for anybody else.
- Is there a minimum deposit? Only that a deposit must be large enough to mint some sXPHX, which any practical amount is. sXPHX has more decimal places than XPHX so that rounding stays immaterial for small and late deposits.

### Can the rate go down?

- Can the exchange rate fall? Nothing in the vault can lower it. The only way XPHX leaves the vault is a redemption, which burns sXPHX in exact proportion, with rounding in the vault's favour, so it leaves the rate unchanged. The contract stops short of calling that a guarantee, for one reason: the rate is computed from the vault's XPHX balance, which is the XPHX token's own accounting, and the XPHX token's owner holds settings that can move holders' balances, such as including an account in reflections again.
- Can the admin withdraw the XPHX? No. There is no owner withdrawal, sweep, pause or upgrade function, and the vault is not behind a proxy. There is a rescue function, for other tokens sent to the vault by mistake, and it refuses XPHX: the vault asset is fixed at deployment and the call reverts with "cannot move the vault asset".
- What can the vault admin do? It can change the address that receives the performance fee, recover tokens other than XPHX sent to the vault by mistake, and hand the admin role to another address, and nothing else. It cannot change the size of the fee, move XPHX, mint sXPHX, pause the vault or block a deposit or a redemption.

### Where the yield comes from

- Is the yield paid from emissions? No. No XPHX and no sXPHX is minted to pay it, and there is no reward token. The rate rises only because XPHX arrives in the vault, from the sources below, and each one is shared by every sXPHX at once.
- How does the XPHX transfer fee pay the vault? XPHX charges a fee on taxed transfers, and 1% of each taxed transfer is paid straight to the vault. Transfers to or from fee-exempt addresses pay no fee, so they add nothing. The destination of this leg is a setting on the XPHX token.
- How do reflections reach the vault? XPHX reflects 1% of each taxed transfer to every holder in proportion to what they hold. The vault is a holder and is not excluded from reflections, so it receives its share like any wallet.
- Can anyone add XPHX to the vault? Anyone can send XPHX straight to the vault. It raises the rate for every holder at once and mints no sXPHX for the sender. The sXPHX page has a Donate action for it.
- How does protocol revenue reach the vault? The protocol's revenue router pays out the XPHX it receives, whether paid in XPHX or bought back with other revenue, and sends 37% of it to the vault and 63% to the protocol's staking contract. The split is a setting on the router. This source pays only once the router has XPHX to pay out; the sXPHX page and the stats page show whether a buyback has run.
- Is the yield fixed? No. The fee and reflection legs depend on how much XPHX moves, donations and revenue on what arrives, and all of it is divided among every sXPHX in existence. The same flow into a larger vault raises the rate less. The annualised figure on the sXPHX page is arithmetic on the recorded rate, not a promise.

### Fees

- What does sXPHX charge? A performance fee of 9.33% of the vault's growth, and nothing else: no deposit fee, no redemption fee, no management fee. The size is a constant in the contract that nobody can change.
- How is the performance fee taken? Only on growth above the highest rate already charged (a high-water mark), so the same growth is never charged twice. It is deducted from the rate continuously, so the rate you see is already net of it, and it is paid by minting new sXPHX to the fee recipient rather than by moving XPHX out. Collecting it does not move the rate.
- Who receives the performance fee? The PhoenixCo treasury. The vault admin can point the fee at a different address but cannot change its size, and the site checks the recipient against the treasury before every deploy.

### sXPHX in the lending markets

- Can sXPHX be used as collateral? Yes. sXPHX is a listed lending market. You can supply it and borrow against it. Supplied sXPHX is still sXPHX, so what it redeems for keeps rising while it is posted as collateral.
- How is sXPHX priced as collateral? At its redemption rate times the price of XPHX. The price of sXPHX in a trading pool does not enter it, so a pool trading below the vault does not move a borrower's liquidation point, while a fall in the price of XPHX does.

### Contracts (BNB Smart Chain)

- sXPHX vault and token (the same contract): 0x8349F55cB689fa9bc115A18d326Ea9B3bCBf78DB
- XPHX: 0x8729123aC749359144DB4396F8ecF32976f7A86e
- psXPHX lending market: 0xb8047AabfA0741c45ad241a288a9408aB88FbF94

## VIP ladder

The VIP ladder rewards XPHX locked in the VIP tier locker with a higher level, and a higher level lets you borrow more against the same collateral in every lending market at once, with more room before liquidation. There are five levels above no level: Bronze, 1,100 XPHX; Silver, 6,300 XPHX; Turquoise, 21,000 XPHX; Lapis Lazuli, 63,000 XPHX; Gold, 163,000 XPHX. There is no lock period and no penalty for unlocking. You do not need a level to use the lending markets.

Docs: https://xphxco.org/docs/vip
Live figures: https://xphxco.org/profile/vip

### Locking and unlocking

- What counts toward a level? Only XPHX locked in the VIP tier locker. XPHX in your wallet, XPHX staked in a pool and XPHX supplied to a lending market do not count.
- Is there a lock period? No. There is no lock duration, no cooldown and no unlock penalty. Locking and unlocking are each one transaction.
- Can an unlock be refused? Only when you are borrowing. With no borrowing, an unlock always succeeds. With borrowing, the lending risk engine refuses an unlock that would leave your debt above your borrowing limit at the lower level, because that position would have been refused as a new borrow. Repay some of the debt, or add collateral, and the same unlock succeeds.
- Does locking or unlocking pay the XPHX transfer tax? No. The locker is exempt from the XPHX transfer fee, so what you lock arrives in full and what you unlock returns in full. The site checks the exemption before every deploy.
- Does locked XPHX earn reflections? Yes, but not into your lock. The locker is not excluded from XPHX reflections. What it receives above the XPHX locked in it is shared among lockers in proportion to what each has locked, and you claim your part; your locked amount does not grow by itself.

### Levels and what they change

- How much XPHX does each level need? Bronze, 1,100 XPHX; Silver, 6,300 XPHX; Turquoise, 21,000 XPHX; Lapis Lazuli, 63,000 XPHX; Gold, 163,000 XPHX. The thresholds are set in the lending risk engine and read from it by the VIP page. Below the first threshold you have no level, and every lending market is still open to you.
- What does a higher level change? Two things, in every lending market at once. Your maximum loan-to-value rises, so the same collateral supports a larger borrow, by a step that each market sets for itself. And you get a little more room before liquidation, a grace added to the point at which a position can be liquidated.
- Does a level change the liquidation threshold? No. Each market has one liquidation threshold for everyone. A level raises how far toward it you may borrow and adds a grace beyond it; it does not move the threshold.
- Is a level a reward in itself? No. A level pays nothing on its own. What it changes is how much you can borrow and how close to liquidation you can go. A separate campaign may pay lockers a reward; when one is running, the VIP page shows it.

### Who controls what

- Can the admin move locked XPHX? No. The locker has no sweep, rescue, withdrawal or upgrade function, and it is not behind a proxy. Only the wallet that locked XPHX can unlock it.
- What can the admin change? The thresholds, each market's loan-to-value ladder and the liquidation grace per level, within limits fixed in the risk engine: a ceiling on any loan-to-value, a ladder that never falls as the level rises, and a cap on how much and how often a value can be cut. The admin can also point the unlock check at a different contract and add reward tokens to the locker.

### Contracts (BNB Smart Chain)

- VIP tier locker: 0x272b2B4B1C646eB75154f4801bE4F72A480c8af0
- Lending risk engine (thresholds and ladders): 0x97996708C9fb003C97C1ff26eed93D14cc995905

## Hold to earn

Hold to earn pays you for holding a PancakeSwap pair token in your own wallet. A campaign contract with a fixed budget, a start time and an end time reads the balance of the pair token that each checkpointed wallet holds, and shares a fixed amount per second among them in proportion. There is no deposit, no approval and nothing to withdraw; rewards are claimed. The campaign shown on the site pays holders of the XPHX/WBNB pair. It is a different product from sXPHX, which takes a deposit of XPHX and pays through an exchange rate.

Docs: https://xphxco.org/docs/hold-to-earn
Live figures: https://xphxco.org/staking/hold-to-earn

### What hold to earn is

- Do I deposit anything? No. The pair token stays in your own wallet. There is no deposit, no token approval, no stake button and nothing to withdraw. The campaign only reads balances.
- Which balance counts? Your balance of the pair token in your own wallet, as the pair contract reports it. Pair tokens you have deposited somewhere else, such as a staking pool, are not in your wallet and do not count.
- Where do the rewards come from? From the campaign's own budget, transferred into the campaign contract before it starts. The campaign pays that budget out at a fixed rate per second, which is the budget divided by the time between the start and the end. It mints nothing.
- Is hold to earn the same as sXPHX? No. They are different products in different contracts, and neither refers to the other. Hold to earn takes no deposit, pays a separate reward budget to holders of a pair token, and the reward is claimed. sXPHX takes a deposit of XPHX and pays through a rising exchange rate, with nothing to claim.
- Is it a staking pool? No. A staking pool takes a deposit of your token and holds it. A campaign holds nothing of yours.

### Checkpoints: who is paid, and on what balance

- Does every holder of the pair earn? No. The campaign pays only wallets it has checkpointed. A checkpoint records a wallet's balance of the pair token at that moment, and the campaign pays by that recorded balance. A holder that has never been checkpointed is not in the campaign's ledger and earns nothing, however much of the pair it holds.
- Who can checkpoint a wallet? Anyone, for any wallet: the checkpoint function is public. The hold to earn page offers it in one signature, and claiming checkpoints you as well. PhoenixCo also runs a keeper that checkpoints holders, but a wallet does not have to rely on it.
- What happens when my balance changes? The campaign keeps paying by the balance recorded at your last checkpoint until you are checkpointed again. Buying more counts from the next checkpoint, with nothing paid for the time before it. Selling counts from the next checkpoint too.
- What is my share? Your recorded balance divided by the recorded balances of every checkpointed wallet. Each second's payout is split in those proportions. Holders who are not checkpointed are not in the total.

### Start, end and claiming

- When does it start and stop? At a start time and an end time fixed when the campaign was created, which nobody can change. It pays nothing before the start and nothing after the end. The page reads both from the contract.
- What happens to budget nobody earned? While no wallet is checkpointed, time passes and nothing is paid, and that part of the budget is not carried forward to raise the rate later. After the end, anyone can send the unearned remainder back to the address that funded the campaign.
- How do I claim, and is there a fee? Claiming checkpoints your wallet and pays everything you have earned, in one transaction. There is no claim fee, no vesting and no lock. The campaign is exempt from the XPHX transfer fee, so an XPHX reward arrives in full.
- Do unclaimed rewards expire? No. What you have earned stays claimable after the campaign ends, with no deadline.

### Who controls what

- Can the campaign be paused, or its rate or budget changed? No. There is no pause, no rate setter and no way to take the budget back while the campaign runs. Its admin can only recover tokens other than the reward token that were sent to it by mistake.

### Contracts (BNB Smart Chain)

- XPHX/WBNB hold-to-earn campaign: 0xeb9079a24d961c90b472fa1c540ec41133a359f0

## Staking pools

A staking pool takes a deposit of one token, XPHX or a PancakeSwap pair token, and pays a different token per second to everyone staked in it, in proportion to what each has staked, over a fixed reward period. You can stake, harvest, withdraw or do both at once at any time. There is no minimum, no lock and no cooldown. The pools are Synthetix StakingRewards contracts, changed only where moving to Solidity 0.8 required it.

Docs: https://xphxco.org/docs/pools
Live figures: https://xphxco.org/staking

### How a pool works

- What do I deposit, and what do I earn? Each pool names one token it takes and one token it pays. You deposit the token it takes and earn the token it pays, per second, for as long as you are staked and the reward period is running.
- How is the reward split? The pool pays a fixed amount per second, and each staker receives their stake divided by everything staked in the pool. More stakers means a smaller share each; the total paid per second does not change.
- Where does the reward come from? From reward tokens transferred into the pool contract by PhoenixCo. The rate is the reward divided by the length of the period, and the pool refuses to start a period it does not hold enough reward tokens to pay. Deposits never pay rewards.
- What happens when the period ends? The pool stops paying. Your deposit and anything you earned stay where they are, and you can withdraw and harvest them whenever you like. A new period can be started by funding the pool again; ended pools stay listed with their end date.
- Is this the same as hold to earn or sXPHX? No. A pool takes a deposit and pays a reward token. Hold to earn takes no deposit and pays holders of a pair token in their own wallets. sXPHX takes a deposit of XPHX and pays through a rising exchange rate, with nothing to claim.

### Minimums, locks and withdrawals

- Is there a minimum stake? No. The only check is that the amount is above zero.
- Is my deposit locked? No. There is no lock, no lock-up date, no cooldown and no penalty. Withdraw takes your deposit out at any time. Harvest collects what you have earned without touching the deposit, and Exit does both in one transaction.
- I read about a pool with a large minimum, locked for years. Is that here? No pool on this site has a minimum or a lock. Locked terms of that kind belong to the original PhoenixCo CeFi website, a separate, custodial staking product. The transparency page lists its pools only to account for the XPHX they have paid.
- Can a pool be paused? The owner can pause new deposits into a pool. A pause never stops a withdrawal, a harvest or an exit.

### Pools and XPHX

- Does staking XPHX pay the transfer tax? No. Every pool that takes or pays XPHX is exempt from the XPHX transfer fee, so what you stake arrives in full and what you withdraw or harvest leaves in full. The site checks each exemption before every deploy.
- Does staked XPHX still earn reflections? No. The pool contracts are excluded from XPHX reflections, so XPHX earns none while it is staked in a pool. It earns them again once withdrawn to your wallet.

### Who controls what

- What can the pool owner do? Start and top up reward periods, change the length of the next period once the current one has ended, pause new deposits, and recover tokens held by the pool. The recovery function refuses the staking token, so the owner can never take deposits.
- Can the owner take the rewards back? Yes. The recovery function refuses only the staking token, so the owner can withdraw the reward token from a pool, including rewards not yet paid out. The reward budget of a pool is held in its contract, but it is not locked there.

### Contracts (BNB Smart Chain)

- Stake XPHX, earn SZNX: 0xBEfe988f5ae86758994bB43532ea28908C437a86
- Stake SZNX/ASTER LP, earn XPHX: 0xF51E628685E2F4DD39726771CFCc94Fc12e1d242
- Stake PHSUN, earn XPHX: 0x61E1075D476B243E3f14B5848B5B74b03a0FEc39
- Stake XPHX/CMC20 LP, earn SZNX: 0xe8282965bFA4979430Cb052436fD8731b1ecd62D
- Stake PHSUN/WBNB LP, earn ASTER: 0x7A7D7d2fff079C7b65c61379F9F7B014D09AC391
- Stake SZNX/XPHX LP, earn PHSUN: 0xE0893bA8458f70885B2DcAF8865d385BCC56199B